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Pilbara Minerals to Acquire Latin Resources

$369 Million Deal

August 15, 2024

WEB – Pilbara Minerals (ASX: PLX), an Australian lithium miner, announced on Thursday its intention to acquire Latin Resources (ASX: LRS), a smaller peer, for $369 million.

The acquisition will strengthen Pilbara Minerals' position in the lithium market and provide it with access to Latin Resources' high-quality lithium projects in Australia and Argentina.

Pilbara Minerals is the largest lithium producer in Australia and the second-largest in the world. Latin Resources is a junior lithium explorer with a portfolio of projects in Western Australia and Argentina.

The acquisition is subject to shareholder and regulatory approvals and is expected to be completed in the first half of 2025.

Shares of Latin Resources climbed as much as 563% to A$0.188 on the news of the acquisition.

The acquisition is a significant step for Pilbara Minerals as it looks to capitalize on the growing demand for lithium, a key component in electric vehicle batteries.